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We erroneously overpaid interest on some of our checking accounts. We will be reversing the overpayments of interest. Are there any Illinois laws requiring notification before reversing the overpayments? – IBA Compliance Connection

IBA Compliance Connection

Your go to source for compliance!

We erroneously overpaid interest on some of our checking accounts. We will be reversing the overpayments of interest. Are there any Illinois laws requiring notification before reversing the overpayments?

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No, we are not aware of any Illinois laws requiring disclosure in this situation. We recommend reviewing your account agreement with respect to any disclosure requirements related to interest calculation and payment errors and waiving any overdraft fees that occur due to the reversal of the interest payments.